News
Corn and wheat futures were supported by followthrough buying overnight after strong gains on Tuesday, while the soybean market extended yesterday’s declines.
Soybeans will lead grain and soy markets lower on pressure from beneficial rains across Argentina late last week and during the weekend.
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Short-term trend turns bearish for live cattle and feeder cattle.
Soybeans led overnight price declines amid improved weather in Argentina, while corn and wheat followed to the downside.
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From an underlying standpoint, the data is bullish as feedlot supplies declined from year-ago for a fourth straight month.
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AgResource sampled fields across Mato Grosso, Brazil, this week, confirming “impressive crop potential” in the country’s top producing state.
Corn, wheat and soymeal export sales top expectations for the week ended Jan. 12, while soybeans landed in the mid to upper range of expectations.